I think the very large amount of options were generally due to the low share price at the time, even though the options have mostly AFAIK granted at a significant premium. This was then somewhat a case of good timing on their part. But it was also a case of brilliant people being involved with the company at it's most risky time, including putting in a substantial amount of money, a huge effort, and having the odd bit of very good luck along the way, to turn the company around. That is what makes RAC different I guess.
Given the current share price though, I suspect option grants going forward will be far less lucrative and dilutive.
Ann: Appendix 3Y - Mary Harney, page-25
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